My Car Loan
Amongst the list of essential assets, every South African resident need are motor vehicles, the unfortunate element of buying cars is their cost.
About – My Car loan
One would think of saving money to buy a car. in most cases, the funds never accumulate enough to buy a well-conditioned car.
The cost of cars remains very high in South Africa. A large number of employed people with stable jobs still fail to raise enough money to buy their dream cars. With such a scenario, the populace is left with very few alternatives to consider.
In a country with an unreliable public transport system, we have a lot of criminal activities and potentially disturbing weather patterns. Buying a car is never want but a basic need for anyone who wants to travel safely and conveniently carry out their day to day activities.
A motor vehicle is an essential asset for every adult as it also aids in improving one’s standard of living. Enhance their capabilities to carry out different duties effectively. Cars play a significant role in our lives, and this is why, despite their costs, we still have to acquire them. Our company presents you with the best opportunity to own your car without having to struggle with saving large sums of money.
My Car Loan is a vehicle finance brokerage that operates wholly online to provide vehicle loans and individual loan related products to the South African residents. The company offers clients a secure and reliable platform to view, calculate possible costs and instalments for their vehicle finance options.
The company has partnered with multiple lenders, including banking institutions as a way of providing variable services to the clientele. My Car Loan makes your vehicle finance needs appear and gets easily fulfilled so that you live the life you deserve.
Our clients the most demand the following products
Installments with My Car Loan
The installment option allows the client to start driving their car without any deposit or front costs. Although this option is mostly available to clients with best credit rating scores, many still opt for it because it doesn’t have to change payment values.
The equal monthly installments allow customers to plan for their investments and expenditures, knowing that they do not have fluctuating financial obligations.
Once one gets approved from their credit, they will be able to choose a vehicle of their choice.
Vehicle lease with My Car Loan
With the vehicle lease finance option, one gets the opportunity to drive and use a vehicle of their choice for their day to day needs.
The vehicle lease finance option is when a clients get into a rental agreement with the lease provider (lessor) over a specified period where the client will be paying equal monthly payments to the owner of the car.
My Car Loan and the ballon installments
The installment with balloon payment is a car finance option that gives clients a low installment option with an agreement to make a large one-time payment at the closure of the deal.
A balloon payment is a lump sum payment that is made to close the deal of a car after a chain of monthly installments, and the balloon payment is meant to settle the remaining balance of the purchase price after deducting the installments made by the buyer.
The most significant advantage of this option is to be able to drive your car with very low installments, that’s clients will get an opportunity to realise the value of their vehicles before they make a substantial investment into it.
My Car Loan have listed a number of ore-requisites that prospective applicants are supposed to meet in order to facilitate a successful application.
Below is a shortlist of our vehicle finance requirements:
- The applicants should have monthly income above R15 000
- The applicants should not be blacklisted or under sequestration and debt review
- South African identity documents
- Valid South African driver’s license
- Three months stamped bank statement
- Proof of residential address not older than three months
My Car Loan Application Procedure
A motor vehicle finance is obtained by going through three short steps through our company, and these steps will allow one to make an application, get approved and engage in the form of vehicle finance that they need.
The following steps illustrate the process of obtaining vehicle finance
1. Finance Calculator
The initial step of applying for vehicle finance is to use the finance calculator on our website, and this will require one to enter their financial information relating to the vehicle necessary funding so that the finance calculator will give the size and term of repayments.
The application is exclusively made online through the application portal on our website, and one will need to fill in their information and submit the relevant documentation before applying to our credit team.
3. Acceptance of the offer
If the application was made and all the requirements have been met there are higher chances that the application will be successful, that’s one will receive vehicle finance offer.
The applicant will receive a finance offer which states the contractual obligations, and from there the client can purchase their vehicle.